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TMI BlogTax calculation - old propertyX X X X Extracts X X X X X X X X Extracts X X X X ..... When an old property (40 years old ) is inherited by the children from the father and after his death the property is sold currently and the proceeds are shared equally between the children, Is the Capital Gains tax is applicable individually for all the children ? How is the tax calculated, if applicable? What is the time limitation ? - Reply By Rama Krishana - The Reply = Sharing of proceedings ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is only a factor, but the real issue transfer of ownership. Since the property is inherited by the children from the father after his death, children became the absolute owner of their share individually, though for the purpose of capital gains it is not treated as transfer at the time of death of father. Therefore, all the children's would be taxable individually. But, once, it is found that the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... property was the part of HUF property and HUF is unpartitioned, the position may be different. - Reply By DEV KUMAR KOTHARI - The Reply = Do your ground work and then come for discussion with full information. Mr. Rama Krishna has replied well. Check the applicable personal law.whether property was inherited by father also, or whether it was from ancestral sources etc. As date of acquisitin is p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rior to 01.04.1981 the fair market value as on 01.04.81 can be opted with benefit of cost inflation index factoring. In case there was any family settlement or understanding or gifts intersay amongst new owners, then capital gains may be taxable in hands of beneficiaries. This column of www.taxmanagementindia.com is to initiate discussion and ascertain various possible views to further the object ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of learning and sharing knowledge and to clear doubts. The issue placed should include some basic information about the subject matter so that readers can at least have some idea about the issue, problem ,related provisions and off course the views of the initiator of the issue. This will be helpful in getting better response from learned readers. In absence of the same, the readers cannot be se ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rious about the issue and willing to spare time to merely provide information and solutions. This is my personal view. - Tax calculation - old property - Query Started By: - Nandagopal Samarajalingam Dated:- 1-10-2009 Income Tax - Got 2 Replies - Income Tax - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxma ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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